Insight by Mandeep Singh Kwatra, VP of Solutions and Capabilities and CX Strategy Services Leader, HGS
CHICAGO, Feb. 20, 2018 /CNW/ -- Feature Article - Today's customers evaluate a company on the experience that they receive. The entire sales cycle (pre-sales, purchase, and post-purchase) experience is as important to them as the actual product or service. Today's multi-tasking customers are juggling multiple channels at one time, often on multiple devices. Servicing these customers requires companies to be always alert, frequent the same channels as customers, and be consistent is their customer service across channels.
Due to this influence of digital channels and shifting customer loyalties, more and more companies are becoming "customer obsessed." There is a continuous strategizing about how to woo the customer, how to deliver a wow experience every time, and how to win trust to gain a larger wallet share.
So, what are the typical traits "customer obsessed" companies possess?
1. They reserve a seat at the boardroom table for a resident expert of customer intelligence. Many companies are bringing a customer experience leadership executive into their C-suite: either a chief customer officer (CCO) or customer experience officer (CXO). These team members will have the requisite knowledge and expertise to make use of customer data and lead transformational CX strategy. Many companies talk about how important customer service is to them and are diligent about collecting data, however, the data is often meaningless without a sound strategy for interpretation and reporting.
2. They focus on customer retention over acquisition. According to Bain & Company research, increasing customer retention rates by 5 percent increases profits by 25 percent to 95 percent. Most companies are single-mindedly focused on acquiring more customers and draw up their marketing plans specifically to attract more new customers. What's the cost of customer acquisition compared to retention? There's no definitive answer; however, most sources cite acquisition costs as between four and ten times more than retention. It's often less expensive to market to existing customers, and that means providing Unified Customer Engagement®, with a consistent, unified customer experience, across channels.
3. They blend multiple sources of customer data. Today, your customers don't reach you just by the phone. They prefer to use digital channels like social media, text, chat, and apps, and that is only the beginning. This spectrum is only going to grow, with new Internet of Things solutions coming out every year. With so many different communication channels, there are numerous sources where valuable customer information is available. Customer preferences vary with each channel, so it's essential to study and understand data from all sources before making changes. Using data from multiple sources helps you make better predictions about customer needs, predict purchase behavior, and above all personalize customer experience.
4. They develop post-transaction interactions with customers. In today's digital, customer-centric world, companies often forget to reach out to the customer after a successful sale is complete. It is very important for a customer-centric organization to engage with their customers even after they make a purchase and continue to communicate over the longer term. Ongoing communication helps companies to continuously gather customer feedback and learn about changing customer preferences.
5. They make room for customer needs. Often companies try to solve problems of the past. In fact, the focus should be on how the future will shape tomorrow's optimized CX: how will customers communicate, engage, buy, and live. Customer-obsessed companies keep a futuristic outlook to managing their customers not just today but with a view to maintaining the same standard or higher service in the future too. They are always flexible in accommodating customer needs in their marketing and customer service plans. These companies understand that customer needs do not always align with their own goals. So they factor in room for customer needs when formulating their customer service plans. This may mean bringing in CX experts, such as business process management (BPM) companies, to provide digital roadmaps and customer journey maps, supported by technology implementation expertise.
Ultimately, delighted customers are your greatest marketing, with the best ROI. Refine your CX approach, for a customer obsession that delivers.
About HGS A global leader in business process management (BPM) and optimizing the customer experience lifecycle, HGS is helping make its clients more competitive every day. HGS combines technology-powered services in automation, analytics and digital with domain expertise focusing on back office processing, contact centers and HRO solutions to deliver transformational impact to clients. Part of the multi-billion dollar conglomerate Hinduja Group, HGS takes a true "globally local" approach, with over 46,000 employees across 69 delivery centers in seven countries making a difference to some of the world's leading brands across nine key verticals. For the year ended 31st March 2017, HGS had revenues of Rs. 3,711 crore (US$ 555 million).